Commerzbank Boss Rues Greek Write-Down

By Harriet Torry

Crisis can bring out the best in people, or at least their wit. Commerzbank Chief Executive Martin Blessing showed that at Thursday’s annual news conference, loosening up in front of the press. Mr. Blessing opened up on a number of topics, letting the one-liners fly.

Commerzbank Chief Excecutive Martin Blessing

According to Mr. Blessing, the voluntary debt write-down of private-sector creditors on Greek sovereign debt is about as voluntary as a confession during the Spanish Inquisition.

The head of Germany’s largest lender after Deutsche Bank AG said he expects the Greek state will present a swap offer accompanied by retroactive collective action clauses. That means if a majority of creditors participate in the swap, the rest – including Commerzbank – will have to take part too. Here beginnith the torture.

Monty Python, when they famously announced “nobody expects the Spanish inquisition,” also said the inquisitors’ three weapons are fear, surprise and ruthless efficiency.

In the case of the European Central Bank inquisitors versus Commerzbank, the fear factor is already there. As Mr. Blessing’s speech put it, we entered turbulent waters in the second half of last year.

But it was the bank doing the surprising Thursday when it said it will boost capital by €1 billion by swapping hybrid capital and junior debt instruments for shares to lift its core Tier-1 ratio, a measure of the bank’s financial strength, to meet new tougher regulations.

Then there’s ruthless efficiency. Commerzbank said there will be no dividends for shareholders or payouts on government stake for 2011. Clearly the bank is not taking this metaphorical inquisition lightly.

Mr. Blessing took well to the role of inquisition-victim-fighting-back. He slammed the ECB’s arguments for not writing down losses on its Greek bond holdings, and limiting the haircut to the private sector.

“The swap is nothing more than a sale at a loss, if a central bank doesn’t want to occasionally forfeit a loss then I wouldn’t know how they would ever be able to carry out foreign exchange transactions or operations,” Mr. Blessing said, adding the ECB’s reasoning is a pretense argument, and “they just didn’t want to take part.”

The CEO wouldn’t be drawn on whether Commerzbank will participate in ECB’s next long-term refinancing operation, a measure aimed at providing banks with cheap liquidity. He said Commerzbank AG didn’t participate in the last one (with the emphasis on the AG).

However, taking the ECB’s cheap liquidity to buy sovereign bonds, particularly those in southern Europe, doesn’t appeal. “I think we have enough of the securities,” Mr. Blessing said, to chuckles from the assembled journalists.

Commerzbank wrote down Greek bonds by 74%, a total of €2.2 billion in 2011, and Mr. Blessing’s own earnings got a Greek-style haircut.

The Chief Executive said he earned about €500,000 in 2011, and when asked about shareholder unhappiness over Commerzbank’s stock (which has shed about 69% in value over the past 12 months) Mr. Blessing said his own Commerzbank holdings have lost more than he earned in the past four years.

Comments (3 of 3)

For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank--- PICTET & CIE. BANK.

Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

The matter was raised in Parliament – twice-- the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank --- but the rogues had left ---saying no one left to prosecute.??? ----- so there.

We then approached the Financial Ombudsman Service. (FOS) --- our case was dealt with by seven different people ---- then our numerous E-Mails were ignored --- nobody would speak to us -------so there.

We then asked the SFO ( Serious Fraud Office.) to investigate our case ---- the criteria of our case ticked all their boxes. --- we were instructed not to send them
any documents/evidence.------ in fact they wrote to us advising us to go to the Citizen's Advice Bureau.(CAB.)
Richard Alderman the SFO boss ---- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
The MP's committee ---- said he was sloppy--- and the SFO was run like “ Fred Karno's Circus” ----- it was an office of fraud.----- so there.

Our M.P. approached our local Chief Constable to investigate----- he was called---- Sir Norman Bettison--- Chief Constable of West Yorkshire Police ---- a force that made “ Dad's Army” look like the S.A.S. They were inept – corrupt ---malicious --- from top to bottom. We were criminally dealt with by the Forces Solicitor---- the Head of the Economic Crime Unit ----and the Chief Constable ----- so there.

We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did --- they advised us to make our complaint to ---- the West Yorkshire Police --- we did with reluctance --- all we got was abuse and obfuscation. ----- so there.

Sir Norman Bettison ---- The Forces solicitor--- and the Head of the Economic Crime ---- have all been removed from their posts and facing criminal allegations.
------ so there.

We even sought justice through the Courts --- culminating in a visit to the Court of Appeal-London.--- On leaving the Courts of Appeal that day our barrister a “rising star” informed us --- that if that was British Justice then you can keep it. He quit the law and moved to Canada ----- so there.

A few years later we learned that one of the judges ( Lord Justice.) in our case at the Court of Appeal was related to a senior executive of the Pictet Bank -----so there.

The Ministry of Justice passed our case to Lord Myners to investigate --- we would rather have had Mickey Mouse or Donald Duck do it. --- to this day we don't know
---whether he did anything or not ---- probably not --- seeing that his wife was on the Pictet Prix Board.

Pictet & Cie .Bank --- voted private bank of the year 2013.
Ivan Pictet ---- Voted banker of the year 2012. ---- the senior partner --- lied on numerous occasions and had documents destroyed --- also said genuine documents were forgeries. ----- so there.

Ivan Pictet in Oct. 2013 ---- Given the Legion of Honour --- but saying that ---- honours were given to Hitler --- Eichmann --- Mussolini ---Franco --- he's in fitting company. ----so there.

MONTY RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks lawyers.
Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court ---- the FSA ---- and the police Fraud Squad. ----so there.

Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
An expert in Fraud ---the Doyen of Fraud Lawyers. ----- so there.

This says a lot about Banks --- and their lawyers --the consensus of opinion is that they are highly paid “crooks” ---- no wonder they voted Ivan Pictet banker of the year. --- and Monty Raphael a Queens Counsellor – “crime does pay”?

It appears that crimes in the “establishment.” are honoured by their peers.
“HONOURS AMONG THIEVES.”

Is your monies safe in these accounts ---- definitely NOT.
Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
Economic Experts say that there would only enough money to repay 50% of their clients.
Are you going to be in the 50% --- that loose your money.-- Get it out NOW.

2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) ---Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in
Panama and a tax loophole involving investments in London to gain
German millionaires as clients.

All the fines that crooked Swiss banks have incurred in the last few years exceeds £75.Billion.
It is also calculated that the secrecy " agreements" with regards to tax evation by their clients will cost the banks another £450 Billion.( paid out of your monies.)

The banks are panicking --- the are quickly restructuring their banks ---- from partnerships --
to " LIMITED COMPANIES." ----- this will probably mean that in the future --- they could
pay you only 10% of your monies " if you are one of the lucky ones" ---- and it be legal.

Google ---- The Crimes of ---- Pictet & Cie Bank.

11:08 am April 22, 2014

jack loach wrote:

Update --- April . 2014.

Pictet & Cie Bank ---- List of Crimes.

1996 ----- F.S.A--- Breach in London.

2003 ----- F.S.A. -- States rogues operating in Pictet's London office. Ivan Pictet
states that documents were forgeries but were later proved to be genuine in
the British Courts. He had documents destroyed in their London office --
hoping to hide the crimes.

2007 .- - - The Securities and Exchange Surveillance issued a recommendation
that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

2008 .-- Dec. - Pictet Bank state - " We have never chosen any funds linked to Madoff.

2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in
Panama and a tax loophole involving investments in London to gain
German millionaires as clients.

Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

The bank is now seeking to re-structure -- to cut the partners liability – hoping to off load their decades of criminal responsibilty – and protect their personal ill gotten wealth.. The Germans are right -- the bankers should go to prison if found guilty of financial crimes..

Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.

Pictet & Cie Bank –Partners –(1996—2014)---guilty

Peters &Peters – Partners.— (1999---2014)--- guilty.

The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””

(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael Q.C.).

(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”

(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead,
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face
prosecution.
(5) That we make sure we root out any wrongdoing that may have happened, whoever
is involved, however high or well connected they may be.

Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA --- and the Police Fraud Squad.

Written Parliamentary Questions received by the table office ..

(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

*** Started campaign --- June 6th.2008.
5years ---- approx 10 .5 million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true.

*** . The bigger they are --- the harder they fall.!!!
In America ---- they would have all been in prison for the last seven years.

Feb 2013,--- Pictet & Cie Bank Partners remove their unlimited liability.
They realise that all their personal wealth is at risk , the people they have conned might want their money back.

Thanks for reading The Source. We would like to direct you to MoneyBeat, the Wall Street Journal’s brand new global blog. MoneyBeat unites MarketBeat, The Source, Overheard and all the Deal Journal blogs, bringing together all the market, M&A, IPO and hedge-fund news from those blogs into a 24-hour hub for finance news. Check it out and let us know what you think at moneyblog@wsj.com.